Namibia Sees Final Investment Decision on Oil Find by End 2024 [BNN Bloomberg (Canada)]
TotalEnergies SE (TTE)
Company Research
Source: BNN Bloomberg
“We understand that the quantities are large but we still have to test the commercial viability of this oil,” Finance Minister Ipumbu Shiimi told Bloomberg in an interview Tuesday in Washington. “We expect them to reach a final investment decision probably by the end of this year.” An estimated 11 billion barrels of crude oil was found in the water off the southwest African nation's shores in 2022 by TotalEnergies SE and Shell Plc. Some have touted it as potentially the world's biggest ever deep-water find. If even a fraction of that amount is profitable to exploit, it would quickly swamp the $13 billion Namibian economy. Shiimi said Shell was probably six months behind Total in terms of completing its feasibility assessment and once a decision to go forward had been taken, it would probably take around five years before the oil started to flow. Oil could be a game-changer for the sparsely-populated nation of less than 3 million people, where many live in poverty. “We don't
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